Retirement living seniors are often reminded by experts to save more money for retirement, and not rely on social security or government pension payouts to fund their Golden Years. A recent article on FoxBusiness.com gave eight tips for maximizing savings for Boomers looking to follow these guidelines.
One tip for retirement living seniors, according to the article, was to set specific financial goals for retirement, so they can set realistic expectations for themselves. They need to estimate what their expenses will be, for example, if they will be living in an assisted living community.
Scott Cramer, a financial advisor in Winter Park, Florida, told the news source that goals are important because they help motivate people into making smart financial decisions, not short-term ones.
“People who are just socking money away in hopes that they will be able to accumulate enough money may not be planning as well as the people who know what they need to do.”
Some of the other tips include taking advantage of employer 401 (k) matching, cutting back on expenses to help save money, taking a long-term perspective, as well as considering starting a part-time business to help create additional income. With smart financial planning, Boomers will have enough savings to move into any retirement living or assisted living community they want.